Michael R. Dury - May 1, 2025 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: CEO of Merchants Capital
Signature: /s/ Terry A. Oznick, attorney-in-fact
Stock symbol: MBIN
Transactions as of: May 1, 2025
Transactions value $: $101,992
Form type: 4
Date filed: 5/2/2025, 08:31 AM
Previous filing: May 1, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dury Michael R.	CEO of Merchants Capital	410 MONON BOULEVARD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	2025-05-02	0001718356

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Purchase	$102K	+3.31K	+3.2%	$30.86	107K	May 1, 2025	Direct	F1, F2
holding	MBIN	Common Stock						18.2K	May 1, 2025	Trustee of the Michael R. Dury GRAT - 2023
holding	MBIN	Series C Depositary Shares						26K	May 1, 2025	Direct
holding	MBIN	Series D Depositary Shares						4K	May 1, 2025	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $30.47 to $31.08 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F2	Includes 13,378 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,771 vesting 2/1/2026; 4,829 vesting 2/1/2027, and 1,778 vesting 2/1/2028.

Content

The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $30.47 to $31.08 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Includes 13,378 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,771 vesting 2/1/2026; 4,829 vesting 2/1/2027, and 1,778 vesting 2/1/2028.